Connect with us


INSEE Cement signs MOU with HIPG to improve supply chain efficiency



Gustavo Navarro, chief Executive Officer of INSEE Cement and Johnson Liu, CEO of HIPG at the agreement signing ceremony held at The Hambantota Maritime Center

The Hambantota International Port Group (HIPG) signed an agreement with INSEE Cement, the leading cement manufacturing company in Sri Lanka, to ensure the efficient transfer of raw materials to their factory in Galle, via the Hambantota Port.  This will have a positive impact on the operational efficiency.

The agreement was signed between Gustavo Navarro, chief Executive Officer of INSEE Cement and Johnson Liu, CEO of HIPG at a ceremony held at The Hambantota Maritime Center.

CEO of HIPG Johnson Liu expressed his appreciation of the partnership with INSEE saying, it would be of great mutual advantage for both parties.  “INSEE Cement was Hambantota International Port’s (HIP) first customer for dry bulk cargo and we greatly appreciate the trust they placed in us.  We have worked with them from 2018 and have been able to greatly increase our productivity in handling dry bulk volumes.  Recognizing the value, the companies bring to each other, we decided to strengthen the partnership by entering into an agreement that will continue creating win-win opportunities that will be of mutual benefit.”

The CEO added that the port handled a dry bulk volume of over 1 million metric tonnes in 2021, for the first time exceeding the 1 million range, under a single customer, which was a milestone achievement for the port.

Gustavo Navarro, Chief Executive Officer of INSEE Cement said that working with HIPG has been a great advantage for them. “Due to the limitations we have experienced in our previous operations, we couldn’t bring bigger vessels with larger volumes. HIP has been a great business partner for us and the port came up with some creative solutions to get our raw materials delivered efficiently and in a timely manner which made a positive impact on our operation.  This has not only benefited our company but also the local economy in terms of dollar savings because it reduced freight costs we otherwise paid to foreign vessels.”

Thusith Gunawarnasuriya, Director Procurement and Logistics of INSEE Cement further mentioned with HIP they were able to use larger vessels to carry their raw materials due to the port’s deep draft facilities. “HIP’s productivity levels are impressive and the quick turnaround helped us to achieve economies of scale and increase our production levels which in turn increased volumes for the port.  This not only benefited Insee but our end user.”

Lance Zuo, General Manager Commercial and Marketing of Hambantota International Port Group (HIPG) says, “INSEE was of great assistance in developing the dry bulk cargo segment, they also brought in a dust controlling mechanism and effective implementation ensures operations are carried out in an environmentally friendly manner. Our outsourced contractors and operational staff were of tremendous support and efficient planning of manpower such as stevedoring and higher levels of communication between logistics providers and the port contributed to the success of our operations which has benefited Insee, and we will continue to provide the same high quality of service,” he adds.

The agreement with INSEE is a stepping stone for the port.  HIP is fast positioning itself as a fully functional multi-purpose port with continuous training and testing of its systems for optimum efficiency, which is part of the DNA of all CMPort operations across the globe.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *


Seven factors of concern at upcoming Monetary Policy Review



by Sanath Nanayakkare

The Central Bank of Sri Lanka (CBSL) is scheduled to announce its latest monetary policy review on 20th January 2022, with all eyes on dwindling foreign reserves and foreign currency exchange in the country.

In this context, First Capital Research has named 7 factors of concern that could be taken into account at the upcoming monetary policy review. They are as follows.

* Foreign Reserves USD 3.1 billion – Dec 2021

* Inflation CCPI 12.1% – Dec 2021

* GDP Growth -1.5% – 3Q2021

* Private Credit LKR 60.5 billion – Nov 2021

* 03M T-Bill rate 8.38% as at 12.01.22

Liquidity and CBSL Holdings LKR -364.0 billion and LKR 1.42 trillion

Balance of Trade (BOT) and Balance of Payment (BOP) USD -6.5 billion and USD -3.3 billion for Jan-Oct 21

First Capital Research’s Policy Rate Forecast – Jan 2022-Apr 2022 notes that they believe the CBSL may highly consider tightening the monetary policy rates in this policy review but given the concerns over economic growth, there is a probability of 40% for CBSL to maintain its policy stance at current levels.

“With high frequent indicators improving in line with expectations, we have eliminated any probability of a rate cut. We expect a continued increase in probability for a rate hike in order to prevent overheating of the economy amidst the given fiscal and monetary stimulus,” they said.

As per First Capital’s view, CBSL either can choose to hike policy rates by 50bps or 100bps or hold policy rates steady, while a rate cut is off the table due to the high debt repayment and the high domestic borrowing requirement.

First Capital believes that there is a 60% probability for a rate hike due to the remedial actions required in achieving external stability.

However, there is also a 40% probability to maintain the policy rates at its current level in order to further improve the high frequency indicators.30%, they noted.

Continue Reading


Sri Lanka’s dash brand enters international markets



Multichemi International Ltd, which manufactures and distributes a wide range of products under dash, one of Sri Lanka’s leading detergent and household care brands, has begun exporting its products to several international markets in Asia and Oceania, with plans also to enter Africa. The dash brand includes a wide range of products in car care, household care, home fragrances and laundry care sectors. Multichemi International Ltd, which has been awarded ISO 9001:2015 certification, is a Sri Lankan pioneer in environment-friendly cleaning products, having launched the country’s first biodegradable, safe cleaning products over 28 years ago.

Amila Wijesinghe, General Manager of the Company said,”Having conquered the domestic market, we are now ready to capture the international market. We are confident that our products which are of high quality will receive a good demand overseas as well. The feedback we have received so far from our overseas customers is extremely encouraging. We are dedicated to taking our products to the international market, to bring in foreign currency to the country and help uplift the economy”,

Continue Reading


Janaka Abeysinghe appointed SLT CEO



Sri Lanka Telecom PLC has announced the appointment of Janaka Abeysinghe as its Chief Executive Officer (CEO) with effect from February 1, 2022.

The incumbent CEO Kiththi Perera will be overseas on leave for a period of two years to pursue higher studies, according to a stock market filing by the company.

Abeysinghe joined SLT in 1991. In his present role, he leads the enterprise and wholesale business of SLT that provides integrated voice and data solutions to enterprises, government institutions, domestic telco operators and global wholesale carriers.

In his career at SLT spanning 29 years, he has held a number of senior positions, including general manager Enterprise and International Sales and has extensive experience in the areas of Enterprise Digital Services, Enterprise Communications Solutions, Data Communications, Business Development, Domestic and International Switching Operations and Global Wholesale Voice & Data Business.

He holds a Master’s Degree in Electrical and Computer Engineering from the University of Kansas, USA and a BSc degree in Electronics and Telecommunications Engineering with a First Class Honours from the University of Moratuwa.

Continue Reading